Legal Question in Business Law in Nevada
Forced to re-signing of Simple Interest Contract with a higher interest rate
I bought a car from a dealer on March 24 signing the standard sales contract at 9.21%. On March 29, I was froce to sign a new contract at 10.5% because the dealer said the bank wouldn't go 9.21%. They would not give me my old car back and therefore, I feel this is a form of ''bait-and-switch.'' They baited me with a low rate so I would commit, then switched it to a higher one once I was locked in. I signed the first contract with the dealer and feel the dealer should honor our original contract. Do I have any legal recourse?
2 Answers from Attorneys
Re: Forced to re-signing of Simple Interest Contract with a higher interest rate
You are a victim of bait and switch and possibly fraud. You should have been given your car back when the financing did not come through. If you would like to sue them, I would charge $1000 retainer and I would fully expect to get attorney's fees on this.
Jeffrey A. Cogan
(702) 474-4220
Re: Forced to re-signing of Simple Interest Contract with a higher interest rate
This may, indeed, be an instance of fraud by the dealer, as stated by Mr. Cogan. One would have to look, however, to the specific terms of the purchase agreement to see what "weasel" clauses may be included to allow the dealer an escape route from such problems. If, for example, you signed an agreement that left the interest rate "open to negotiation," yet committed your trade-in to the dealer to dispose of -- regardless of the final resulting contract -- you could be stuck with it.
Bottom line -- it will all depend on the specific wording of the contract, and that must be examined before anyone can determine whether you have a case worth pursuing. My office can provide a free initial consultation to review the situation and help you decide a good course of action.
Rick D. Williams
Sparks
775-358-1958
mailto:[email protected]
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